UNITED STATES - California Public Employees Retirement System (CalPERS) and RREEF are working together at present to manage the real estate assets on the CalWest Industrial Investors LLC, but assets are now substantially lower following an earlier sale of properties.

Official figures from CalPERS reveal value of the assets in the CalWest portfolio totaled $473m (€321m) through June 30 of this year, while the one-year return on investment was 42%.

Assets managed are down significantly from three months ago, when the assets in the portfolio stood at $1.9bn but this drop in assets managed follows two large sales of assets totalling more than $1.5bn worth of properties.

Pension fund officials have refused to comment on whether new CalWest capital would be allocated by the pension fund to RREEF for possible investment in 2008.

CalPERS is expected to next convene its investment board for a meeting on December 17.